Basic Product Features of the New Floating-rate JGBs

Reference rate ^{(Note 2)}

6-month T-Bill issue yield (Average issue yield of the 6-month T-Bill auction held immediately prior to the rate decision, rounded off the yield to 4 decimal places.)

Issuance methods

Dutch-style competitive auction in which each competitive tender specifies a Spread (which can be positive, zero, or negative, expressed in 0.1bp)

Tenor

2- or 5-Year

Maturity date

2-year bonds: the 1^st day of the month of the issuance in the year of maturity

5-year bonds: the 20^th day of the final month in the preceding quarter of the issuance date, namely March, June, September, or December, in the year of maturity ^{(Note 3)}

Interest Payment dates

Every six months until maturity

Day Count Convention

Same as existing T-Bills

Min. face value unit

50,000 yen

STRIPS Eligible

No

Reopening

To be decided

Other items

Non-Price Competitive Auction II is offered.

Non-Competitive Auction, Non-Price Competitive Auction I, Liquidity Enhancement Auction, and Buy-back program are NOT offered.

Security codes for the new Floating-rate JGBs will be announced later by the Securities Identification Code Committee.